Major stock markets in Asia traded mostly lower on Monday as investors continued to weigh on the U.S. Fed’s future rate hike to tackle rising inflation.
As of 10:15 local time in Thailand on May 9, 2022, Nikkei fell 2.20%, ASX 200 dropped 1.30%, Kospi decreased 0.90%, IDX Composite plunged 3.98% while SSEC was flat.
Thailand’s SET Index opened at 1,619.97 points, decreased 9.61 points or 0.59%.
Mr. Ekpawin Suntarapichard, investment strategist of the Siam Commercial Bank Securities (SCBS), through “Kaohoon Jor Talad Program” on May 9, 2022, stated that the market still concerned about the potential 75bps rate hike in the Fed’s next meeting, despite a denial from Fed’s Chair Jerome Powell. The strategist expected negative economic data, especially in the service sector in China and the U.S., to pressure the market, giving a support level at 1,600-1,590 points for a technical rebound and accumulation.
Mr. Suntarapichard advised investors to monitor the U.S. inflation data, scheduled to release this Wednesday, saying that there could be a surge in the stock market if the data came lower than forecast.
